May 18, 2023 U.S. Tax This Week for May 19 Ernst & Young's U.S. Tax This Week newsletter for the week ending May 19 is now available. Prepared by Ernst & Young's National Tax Department in Washington, D.C., this weekly update summarizes important news, cases, and other developments in U.S. taxation.
————————————————————————— Domestic tax quarterly webcast series: a focus on state tax matters (June 7) Private equity and private capital quarterly tax webcast (June 8) ————————————————————————— Internal Revenue Service — May 16: Tax M&A Update for April 2023 (Tax Alert 2023-0889) — May 15: Employers may be subject to government refund suits for employee retention credits even after the normal three-year statute of limitations expires (Tax Alert 2023-0887) — May 12: Proposed regulations address IRC Section 1035 exchanges of interests in life insurance contracts under the reportable policy sale rules of IRC Section 101(a)(3) (Tax Alert 2023-0879) International — May 17: EU finance ministers reach political agreement on updated compromise text for Directive introducing tax transparency rules for crypto assets (DAC8) (Tax Alert 2023-0897) — May 17: Sweden to implement a new work permit processing system by end of 2023 (Tax Alert 2023-0895) — May 17: Sweden considers proposed amendments to citizenship rules (Tax Alert 2023-0892) — May 16: The Latest on BEPS and Beyond | May 2023 (Tax Alert 2023-0891) — May 16: Bulgaria: Decision of CJEU on Bulgarian referral raises refund potential for certain VAT payments (Tax Alert 2023-0890) — May 15: Kenya proposes tax changes under the Finance Bill, 2023 (Tax Alert 2023-0888) — May 15: Costa Rica | Free Trade Commission eliminates customs duties for certain products from China (Tax Alert 2023-0886) — May 15: Spain implements major changes in EU Blue Card regulations (Tax Alert 2023-0885) — May 12: Brazil Senate approves Provisional Measure addressing new transfer pricing rule, enforceable from 1 January 2024 (Tax Alert 2023-0878) — May 12: Greece's new immigration law to go into effect on 1 January 2024 (Tax Alert 2023-0873) Legislation — May 17: Executives of failed banks SVB and Signature testify at Senate Banking Committee (Tax Alert 2023-0896) — May 17: What to expect in Washington (May 17) (Tax Alert 2023-0893) — May 12: Senate Health, Education, Labor and Pensions Committee advances four bills addressing generic drug access and PBMs (Tax Alert 2023-0875) — May 12: Senate Finance Committee holds Rx, international tax hearing (Tax Alert 2023-0874) — May 12: Senate Health, Education, Labor and Pensions Committee hearing on affordable insulin (Tax Alert 2023-0872) States — May 17: EY special report provides insights into employer compliance with federal and state Form W-4 rules for 2023 (Tax Alert 2023-0898) — May 12: Indiana law gives nonresident income tax and withholding relief for short-term business travelers and their employers (Tax Alert 2023-0871) ————————————————————————— Revenue Procedures
Revenue Rulings
Notices
Internal Revenue Bulletin
Because the matters covered herein are complicated, U.S. Tax This Week should not be regarded as offering a complete explanation and should not be used for making decisions. Any decision concerning matters covered herein should be reviewed with a qualified tax advisor. | |||||||||||||